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Verizon | 8-K: First Quarter 2024 Financial and Operating Results

SEC announcement ·  Apr 22 07:05
Summary by Moomoo AI
Verizon Communications Inc. (Verizon) filed a Form 8-K report with the SEC on April 22, 2024, detailing its financial and operating results for the first quarter of 2024. The report highlighted a slight increase in total operating revenue to $33.0 billion, a 0.2% rise from the first quarter of 2023. Despite this, consolidated net income saw a decrease from $5.0 billion in Q1 2023 to $4.7 billion in Q1 2024. Adjusted EBITDA also saw a modest increase to $12.1 billion. The wireless service revenue grew by 3.3% to $19.5 billion, attributed to pricing actions and growth in the fixed wireless subscriber base, which now totals 3.4 million subscribers. Verizon reported a loss of 68,000 retail postpaid phone connections but added 253,000 retail postpaid connections overall. The broadband segment added 389,000 new subscribers, including 53,000 Fios Internet additions. Verizon Business achieved...Show More
Verizon Communications Inc. (Verizon) filed a Form 8-K report with the SEC on April 22, 2024, detailing its financial and operating results for the first quarter of 2024. The report highlighted a slight increase in total operating revenue to $33.0 billion, a 0.2% rise from the first quarter of 2023. Despite this, consolidated net income saw a decrease from $5.0 billion in Q1 2023 to $4.7 billion in Q1 2024. Adjusted EBITDA also saw a modest increase to $12.1 billion. The wireless service revenue grew by 3.3% to $19.5 billion, attributed to pricing actions and growth in the fixed wireless subscriber base, which now totals 3.4 million subscribers. Verizon reported a loss of 68,000 retail postpaid phone connections but added 253,000 retail postpaid connections overall. The broadband segment added 389,000 new subscribers, including 53,000 Fios Internet additions. Verizon Business achieved its best quarterly result with 151,000 fixed wireless net additions. The company's financial outlook for 2024 remains positive, expecting wireless service revenue growth of 2.0% to 3.5%, adjusted EBITDA growth of 1.0% to 3.0%, and an adjusted EPS of $4.50 to $4.70. Capital expenditures are projected between $17.0 billion and $17.5 billion, with an adjusted effective income tax rate of 22.5% to 24.0%.

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